Goldman Sachs Upgrades Best Buy, Sees Potential For Positive Demand Inflection
Portfolio Pulse from Nabaparna Bhattacharya
Goldman Sachs analyst Kate McShane has upgraded Best Buy Co., Inc (NYSE:BBY) to Buy from Neutral, raising the price target to $85 from $79. McShane sees potential for a positive demand inflection to drive upside for Best Buy, primarily through multiple expansions. The analyst believes the company’s current valuation is not considering this potential inflection and is most likely factoring in broader concerns regarding consumer health and potential near-term demand headwinds.
October 19, 2023 | 4:17 pm
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Goldman Sachs has upgraded Best Buy and raised its price target, indicating a positive outlook for the company. This could potentially drive the stock price up in the short term.
The upgrade from Goldman Sachs, a major financial institution, is a strong positive signal for Best Buy. The raised price target indicates that the analyst sees potential for the stock price to increase. This could potentially attract more investors to the stock, driving up demand and the stock price in the short term.
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